About 48 million Americans have student loan debt.
Yeah…it’s that bad.
To tackle student loan debt, which is compounded by staggering interest rates, borrowers have resorted to taking on side-hustles, volunteering for charities in exchange for student loan assistance, and applying for federal programs, such as Public Service Loan Forgiveness.
Still, according to the Education Data Initiative, it takes the average borrower 20 years to pay off the debt, with women taking two years longer than men. While this length of time can vary based on several factors, including the amount borrowed and the interest rate, it’s clear that employer student loan repayment—a benefit that some companies offer to help employees reduce loan debt—is necessary for many women, who are more likely than men to attend college, obtain a graduate degree, and who currently own more than half of outstanding student loan debt in the U.S.
More specifically, Black and Latina women, first-generation college graduates, and single mothers are most likely to experience the far-reaching effects of student loan debt. Long-term financial and emotional distress, racial and gender inequality, and an unrelenting gender pay gap—the fact that women, on average, earn less than men—make it especially difficult for marginalized women to not only pay off student loan debt, but also maintain a comfortable quality of life while doing so.
However, employers have increasingly started offering student loan assistance, which can help women proactively avoid accruing oppressive student loan debt and manage debt more effectively. A few of the most commonly offered programs include:
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College savings: These programs help employees save money to go to college, so this is a popular option for individuals who want to enroll in college for the first time or return to college to finish a degree.
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Refinancing: In this program, employers partner with companies that help you combine all of your student loans into one and get a lower interest rate.
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Tuition reimbursement: This option enables employers to repay you the money you’ve put toward your college education, usually after you’ve earned a passing grade in courses that are related to your job.
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Loan repayment: Perhaps one of the most popular options for student loan borrowers, loan repayment means your employer pays back a portion of your loan, usually by matching the payments you make up to a certain amount.
25 companies that offer student loan repayment programs
Although student loan repayment is a popular benefit among job seekers with debt, only about 17 percent of employers with 500 or more employees offered payment assistance in 2021.
If you’re searching for one of these employers, here’s a list of 25 companies that are already offering student loan repayment programs to their employees—including a few that pay up to $10,000 as a maximum lifetime benefit!
1. Abbott Laboratories
Industry: Pharmaceuticals/Medical Devices
What they offer: The Freedom 2 Save program, which enables employees to reallocate the 2 percent minimum they would normally contribute to their 401k to get a 5 percent company match.
2. Aetna
Industry: Health Insurance
What they offer: Up to $2,000 per year (capped at $10,000 for full-time employees) or $1,000 per year (capped at $5,000 for part-time employees).
3. Ally Financial
Industry: Financial Services
What they offer: $100 per month toward student loans, with a lifetime maximum of $10,000. Ally Financial reportedly shared that 19 percent of their employees have used the student loan repayment assistance program, so the benefit may not be available to all employees yet.
4. Amazon.com
Industry: E-commerce
What they offer: A reimbursement of up to 95 percent of your student loan debt, according to CNBC. Another recently added benefit? Free college tuition for frontline workers via the Career Choice program, which also includes funds for books and fees.
5. Carhartt
Industry: Apparel
What they offer: $50 per month (or a $10,000 lifetime maximum) for full- or part-time employees.
6. Carvana
Industry: eCommerce/Retail
What they offer: $1,000 per year for full- or part-time employees.
7. Chegg Inc.
Industry: Education/EdTech
What they offer: $1,000 per year toward student debt for full- or part-time employees.
8. ChowNow
Industry: Online food ordering
What they offer: $1,000 per year for full- or part-time employees.
9. Estée Lauder
Industry: Beauty/Cosmetics
What they offer: $10,000 in student loan funds (or monthly payments of $100). To be eligible, you must be a full-time corporate employee based in the U.S. for at least one year. Director and executive-level employees do not qualify.
10. Fidelity Investments
Industry: Financial Services
What they offer: Up to $15k in contributions over the course of your life. In 2021, Fidelity expanded eligibility for the program to include additional associates and increased the benefit by 50 percent.
11. First Republic Bank
Industry: Finance
What they offer: $100 per month to start, then annual increases up to $200 per month. As long as you are employed by the company, First Republic Bank will make payments until the loan is paid in full.
12. The Goddard School
Industry: Education
What they offer: $1200 max annual contribution (up to $100 per month) with no lifetime cap.
13. Google
Industry: Cloud Computing/Computer Hardware & Software
What they offer: A match of up to $2,500 in student loan debt payments for full-time employees.
14. Honeywell
Industry: Tech
What they offer: $150 per month with a $10,000 lifetime maximum.
15. Hulu
Industry: Entertainment/Streaming
What they offer: $100 per month (or $1,200 per year) with a cap of $6,000 for employees who have been at the company for at least one year.
16. Kronos
Industry: Tech/Software
What they offer: $500 per year (and no lifetime maximum!).
17. Live Nation
Industry: Entertainment/Event Promotion
What they offer: $100 monthly or $1200 annually (up to $6,000 total) for recent graduates employed at the company for at least six months.
18. New York Life
Industry: Insurance/Financial Planning
What they offer: Monthly payments of $170 for five years, which is just over $10,000 total. The company previously reported that more than 141 employees had paid off their loans through the program.
19. Nvidia
Industry: Tech
What they offer: $6,000 per year, with a total max of $30,000. To qualify for this program, you must be a recent graduate (within the last three years) and you must have a qualifying loan. Check here for a list of fees and loan types that are not covered through Nvidia’s student loan repayment program.
20. Peloton
Industry: Fitness/Tech
What they offer: $100 per month. If you land an interview with the fitness startup, be sure to ask for more information about this benefit—or, consider negotiating!
21. Penguin Random House
Industry: Publishing
What they offer: Up to $1,200 per year ($9,000 total) for workers who have been employed at the company for at least one year.
22. Pricewaterhouse Coopers (PwC)
Industry: Professional Services
What they offer: $100 per month or $1,200 per year. PwC caps the benefit at $7,200 total, and it is only open to senior-level employees.
23. SoFi
Industry: Finance
What they offer: $200 per month (and no lifetime maximum).
24. Staples
Industry: Retail
What they offer: $100 per month (or up to $3,600 total) to qualifying employees who have been nominated. You can qualify for this benefit if you are a full-time employee in the U.S. and have a degree from an accredited college or university.
25. Terminix
Industry: Pest Control
What they offer: $50 per month. Both full- and part-time employees are eligible.
The idea that an employer will pay you and help pay off your student loan debt is exciting! However, it’s important to keep in mind that companies can change their benefits or compensation policies at any time, so these programs are all subject to change. In fact, LaborIQ by ThinkWhy—a labor market software company—recommends employers review their compensation policies every six months, so it’s important for you to review the company’s website and scan recent job postings to find the most up-to-date employee benefits information.
